CLEVELAND, OH -- CBIZ, Inc. (NASDAQ:CBIZ) today announced that it has acquired The TriMed Group (TriMed) of Flint, Michigan in a transaction that is expected to close effective January 1, 2006.
Founded in 1968 and with operations in Michigan, Indiana and Ohio, TriMed provides billing services and in-house computer systems primarily to hospital- based physician practices and is a recognized leader in accounts receivable management and the implementation of sophisticated management systems for the medical profession. TriMed has approximately 200 employees, recorded approximately $12.1 million in revenue over the past twelve months and will be merged into the Company's Medical Management Professionals division, CBIZ MMP. CBIZ MMP recorded $96.7 million in revenue for the past twelve months.
"We are thrilled to welcome TriMed into the CBIZ family," stated Steven L. Gerard, CBIZ Chairman and CEO. "TriMed is a leading regional provider in the medical billing industry that will fit perfectly into our growing and highly profitable medical management professional division," concluded Gerard.
"CBIZ brings the skills, expertise and resources necessary to excel in tomorrow's dynamic healthcare billing industry," said Randal J. Roat, CHBME, TriMed Partner and Board Member. "We've known and respected our colleagues at CBIZ MMP for many years; we are very excited about our future together and the benefit that the combined companies will bring to our customers," continued Roat.
"We are extremely excited about the addition of TriMed to the CBIZ family. TriMed has a strong leadership team, a loyal and dedicated work force, a tremendous reputation, and a history of high client satisfaction that has resulted in a very high client retention rate. Their client service focus is very much in line with CBIZ MMP's making the combination of our businesses a natural fit. Our market position in the Midwest is clearly one of strength. Together, we will be better positioned to serve both our current and future clients," stated J. Doug Bush, CPA, and President of CBIZ Medical Management Professionals.
CBIZ is a provider of professional business services to companies throughout the United States. As the largest benefits specialist, one of the top accounting, valuation and medical practice management companies in the United States, CBIZ provides integrated services in the following areas: accounting and tax; employee benefits; wealth management; property and casualty insurance; payroll; IS consulting; and HR consulting. CBIZ also provides internal audit; Sarbanes-Oxley section 404 compliance; valuation; litigation advisory; government relations; commercial real estate advisory; wholesale life and group insurance; healthcare consulting; medical practice management; and capital advisory services. These services are provided throughout a network of more than 140 Company offices in 34 states and the District of Columbia.
Source: CBIZ, Inc.
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CONTACT: Lori Novickis of CBIZ, Inc., +1-216-447-9000
Web site: http://www.cbiz.com/
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